Maveron backs frozen yogurt maker Pinkberry

Maveron has invested in sandwich shops, airlines and board game makers.

Now, the Seattle venture capital firm — founded by Starbucks Chairman Howard Schultz and former investment banker Dan Levitan — is leading a $27.5 million investment in a frozen yogurt retailer.

Los Angeles-based Pinkberry, with 33 stores in New York and Los Angeles, will use the capital to open stores in new markets. The company claims to offer “fat-free, gluten-free, cholesterol-free yogurt,” with an eight ounce serving costing $3.50. Extra toppings cost 95 cents.

In a press release, Schultz called Pinkberry a “cultural phenomenon” in which customers return again and again. Sounds like the Starbucks business model.

Schultz also told The Los Angeles Times that Pinkberry has the opportunity to create a “national and global footprint.”

“It’s very rare to see a retail company, so early on, create the kind of customer loyalty and emotional attachment that they’ve been able to create. In 30 years, I can count on one hand the number of time I’ve witnessed it.”

UPDATE: Both Dan Levitan and Howard Schultz are joining the board of Pinkberry, according to this update from the P-I’s Craig Harris. He also notes that the frozen yogurt chain may target Seattle for new stores.